Grosse Ile, MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Grosse Ile Neighborhoods Since 2000




Grosse Ile, MI Real Estate Data

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Grosse Ile Housing Market Information

With 10,160 people, 1,385 houses or apartments, and a median cost of homes of $292,822, Grosse Ile real estate is some of the most expensive in Michigan, although Grosse Ile home values aren't among America's most expensive.

Single-family detached homes are the single most common housing type in Grosse Ile, accounting for 82.61% of the town's housing units. Other types of housing that are prevalent in Grosse Ile include large apartment complexes or high rise apartments ( 11.48%), duplexes, homes converted to apartments or other small apartment buildings ( 3.26%), and a few row houses and other attached homes ( 2.65%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Grosse Ile. Owner-occupied housing accounts for 87.99% of Grosse Ile's homes, and 75.00% have either three or four bedrooms, which is average sized relative to America.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Grosse Ile's housing was primarily built during this period, from the '40s through the '60s. A full 42.97% of the town's housing hails from this era. Other housing ages represented in Grosse Ile include homes built between 1970-1999 ( 40.82%) and housing constructed before 1939 ( 10.30%). There's also some housing in Grosse Ile built between 2000 and later ( 5.91%).

Grosse Ile Home Appreciation Rates

Grosse Ile's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Grosse Ile during the period has been just -0.81%, which is lower than 70% of US communities.

Appreciation rates are so strong in Grosse Ile that despite a nationwide downturn in the housing market, Grosse Ile real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Grosse Ile appreciation rates continue to be some of the highest in America, at 7.24%, which is higher than appreciation rates in 82.67% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Grosse Ile. Grosse Ile appreciation rates in the latest quarter were at 1.86%, which equates to an annual appreciation rate of 7.66%.

Importantly, this makes Grosse Ile one of the highest appreciating communities in the nation for the latest quarter, and may signal the town's near-future real estate investment strength.

Relative to Michigan, our data show that Grosse Ile's latest annual appreciation rate is higher than 60% of the other cities and towns in Michigan.

Average Home Values

 

Median Home Value:
$292,822

Grosse Ile, MI HOME PRICES

Value Range
> $1,225,000 1.4
$919,001 - $1,225,000 2.4
$613,001 - $919,000 5.2
$490,001 - $613,000 7.1
$368,001 - $490,000 18.7
$245,001 - $368,000 26.0
$123,001 - $245,000 25.2
$61,001 - $123,000 9.3
$0 - $61,000 4.6

Very High for MI
Very High for Nation

Value Relative to Nation Value Relative to State
16.9401148482363 5.44871794871795

Number Of Homes And Apartments:
1,385

Grosse Ile Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MI*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
-2.30% -0.13% 3 1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,402 / per month

Homeownership Rate

Homeownership
Owners 87.99
Renters 12.01
Vacant 5.55

Housing Market Details

 

Age of Homes

AGE OF Grosse Ile HOMES
2000 or Newer 5.9
1970 - 1999 40.8
1940 - 1969 43.0
1939 or Older 10.3

Types of Homes

TYPE OF Grosse Ile HOMES
Single-Family 82.6
Townhomes 2.6
Small Apt. Buildings 3.3
Apt. Complexes 11.5
Mobile Homes 0.0
Other 0.0

Home Size

SIZE OF Grosse Ile HOMES
No Bedroom 0.44
1 Bedroom 3.31
2 Bedrooms 14.89
3 Bedrooms 44.64
4 Bedrooms 30.36
5 or more bedrooms 6.36